SAExploration Wins $130Mln of New Projects

Houston-based global seismic services company SAExploration
announced a combined $130 million of new projects in Alaska,
Canada and the Middle East.

According to the geophysical services provider the largest
contract is valued at approximately $112 million for onshore data
acquisition services to be performed on the North Slope of
Alaska.

The data acquisition services will be conducted over the next
three winter seasons, beginning in Q1 2020.

In association with this multi-year project award, SAE has
entered into a separate agreement with Geospace Technologies
Corporation to purchase 30,000 new state-of-the-art GCL recording
channels.

The new Geospace channels will primarily be utilized during the
aforementioned multi-year contract in Alaska, but are also
intended to be utilized in other regions, when available, during
the off season.

The balance of the new project awards consists of various
contracts in Canada, slated to be performed primarily during the
upcoming Q1 2020 winter season, and a new research and
development pilot contract in the Middle East with two major
integrated oil companies, where thousands of next-generation
wireless sensors, dropped by a smart, automated fleet of drones,
will take high-density, 3D images of the subsurface.

Michael Faust, Chairman and CEO of SAE, said: "We are very
pleased to announce these new projects and are grateful that our
customers have displayed such confidence in our ability to
continue to deliver high quality products and services safely and
efficiently. I applaud the remarkable time and effort our
dedicated employees put in every day, and their commitment to
maintaining the operational excellence that secures these types
of projects."

Faust added: "These new awards reinforce our belief that the
underlying fundamentals of the business are as strong as they've
been in years. Our backlog for the remainder of 2019 is
approximately $67 million and our contracted backlog for 2020 is
already at approximately $96 million. SAE is committed to
deploying cutting edge technology to further minimize our
footprint and reduce environmental exposure everywhere we
operate. The purchase of 30,000 small light-weight GCL recording
channels, and the automated drone deployment pilots, are strong
examples of that commitment to continuously raising the bar on
health, safety and environmental protection."